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AssetExchange Breaks Into Commercial Mortgage Loan Sales

PORTLAND-The young, Web-based mediator for the purchase and sale of loan portfolios has completed its first commercial real estate loan dispositionin one-fourth the time of a traditional deal.

By Brian K. Miller | Updated on August 02, 2000

Trying to be a leading middleman for the disposition and acquisition of loan portfolios over the Internet, local startup AssetExchange.com is showing it can do commercial real estate deals along with residential mortgages.

AssetExchange.com helped Nevada-based Redwood Commercial Funding Inc. locate a buyer for a portion of its commercial loan portfolio. Redwood posted a $27 million portfolio on the AssetExchange.com web site in late March. A buyer identified the asset as an acquisition opportunity within two weeks of its posting, and a $3 million asset from that portfolio sold on July 26.

Redwood Commercial Funding, an affiliate of Redwood Trust Inc.(NYSE: RWT), originates, services and sells high-quality short-term commercial bridge mortgage loans. Sherry Poundstone, commercial loan trader for Redwood Commercial Funding, says she is happy with the sale and will partner with AssetExchange on other secondary market transactions.

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